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Sweden slipped one place in the Global Competitiveness Index ranking. The annual survey published by the World Economic Forum placed the Scandinavian country at number four, ahead of countries like the US, Germany and Japan.

Switzerland was ranked the world’s most competitive and innovative economy. Singapore maintained its second place, while Finland climbed to third.

The report said:

"Like Switzerland, the country has been placing significant emphasis on creating the conditions for innovation-led growth. The quality of its public institutions remains first-rate, with a very high degree of efficiency, trust, and transparency. Private institutions also receive excellent marks, with firms that demonstrate excellent ethical behavior.

"Nevertheless, we registered a slight but consistent deterioration in the country’s institutional framework over the past three years.

"Additional strengths include goods and financial markets that are very efficient, although the labor market could be more flexible (ranking 92nd on the flexibility subpillar). Combined with a strong focus on education over the years and a high level of technological readiness (1st), Sweden has developed a very sophisticated business culture (5th) and is one of the world’s leading innovators (4th).

"Last but not least, the country boasts a stable macroeconomic environment (13th), with a balanced budget and manageable public debt levels. These characteristics come together to make Sweden one of the most productive and competitive economies in the world".

The United States dropped in the index ranking for the fourth year in a row because of exploding debt and deficits.